Trump Claims U.S. Naval Operations in Strait of Hormuz Averted Economic Collapse

By Michael Katz
Thursday, 02 July 2026 07:36 PM EDT

President Donald Trump stated Thursday that one of his guiding principles during the Iran conflict was avoiding economic collapse similar to the Great Depression associated with former President Herbert Hoover, arguing that maintaining open access through the Strait of Hormuz prevented oil prices from soaring to levels that could have triggered a global depression.

Speaking during an Oval Office interview, Trump said: “I’ve always said, I don’t want to be a president with a depression on his resume.”

He contrasted his approach with Hoover’s policies, noting that the former president “raised interest rates and he raised taxes simultaneously” without achieving positive results.

Trump explained that U.S. naval forces escorted tankers through the southern part of the Strait of Hormuz at night without lights for weeks, which he credited with keeping oil prices below $115 per barrel. “The reason it only went up to like $115,” he added, “and I’ve seen guests on your show where they go oil will be $300 a barrel, and there’ll be a depression because at $300 there’s a depression.”

He also stated that the naval operations involved taking 22 ships through the strait in one night under complete darkness. Trump warned: “If oil reached $300 a barrel, then I become Herbert Hoover.” He referenced Franklin Delano Roosevelt, saying: “FDR didn’t get us out of it. There’s a picture right there.”